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Ocugen Valuation Multiples

Discover revenue and EBITDA valuation multiples for Ocugen and similar public comparables like Galapagos, Julphar, and Vivoryon Therapeutics.

Ocugen Overview

About Ocugen

Ocugen Inc company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. The company's pipeline includes Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, Inhaled Mucosal Vaccine Platform. The company is developing a modifier gene therapy platform designed to fulfill unmet medical needs related to retinal diseases, including inherited retinal diseases ("IRDs"), such as RP, LCA, Stargardt disease, and multifactorial diseases such as dAMD and Geographic Atrophy ("GA").


Founded

2000

HQ

United States of America
Employees

95

Website

ocugen.com

Financials

LTM Revenue $3.4M

Last FY EBITDA -$52.8M

EV

$240M

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Ocugen Financials

Ocugen has a last 12-month revenue (LTM) of $3.4M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Ocugen achieved revenue of $4.1M and an EBITDA of -$52.8M.

Ocugen expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Ocugen P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $3.4M XXX $4.1M XXX XXX XXX
Gross Profit $3.4M XXX n/a XXX XXX XXX
Gross Margin 100% XXX n/a XXX XXX XXX
EBITDA n/a XXX -$52.8M XXX XXX XXX
EBITDA Margin n/a XXX -1302% XXX XXX XXX
EBIT -$57.7M XXX -$54.8M XXX XXX XXX
EBIT Margin -1686% XXX -1350% XXX XXX XXX
Net Profit -$58.1M XXX -$54.1M XXX XXX XXX
Net Margin -1699% XXX -1333% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

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Ocugen Stock Performance

As of May 30, 2025, Ocugen's stock price is $1.

Ocugen has current market cap of $246M, and EV of $240M.

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Ocugen Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$240M $246M XXX XXX XXX XXX $-0.21

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Ocugen Valuation Multiples

As of May 30, 2025, Ocugen has market cap of $246M and EV of $240M.

Ocugen's trades at 59.2x EV/Revenue multiple, and -4.6x EV/EBITDA.

Equity research analysts estimate Ocugen's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Ocugen has a P/E ratio of -4.2x.

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Ocugen Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $246M XXX $246M XXX XXX XXX
EV (current) $240M XXX $240M XXX XXX XXX
EV/Revenue 70.2x XXX 59.2x XXX XXX XXX
EV/EBITDA n/a XXX -4.6x XXX XXX XXX
EV/EBIT -4.2x XXX -4.4x XXX XXX XXX
EV/Gross Profit 70.2x XXX n/a XXX XXX XXX
P/E -4.2x XXX -4.6x XXX XXX XXX
EV/FCF n/a XXX -5.3x XXX XXX XXX

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Ocugen Margins & Growth Rates

Ocugen's last 12 month revenue growth is -31%

Ocugen's revenue per employee in the last FY averaged $43K, while opex per employee averaged $0.6M for the same period.

Ocugen's rule of 40 is -1105% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ocugen's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Ocugen Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth -31% XXX -27% XXX XXX XXX
EBITDA Margin n/a XXX -1302% XXX XXX XXX
EBITDA Growth n/a XXX n/a XXX XXX XXX
Rule of 40 -1105% XXX -1332% XXX XXX XXX
Bessemer Rule of X XXX XXX n/a XXX XXX XXX
Revenue per Employee XXX XXX $43K XXX XXX XXX
Opex per Employee XXX XXX $0.6M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 792% XXX XXX XXX
Opex to Revenue XXX XXX 1450% XXX XXX XXX

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Ocugen Public Comps

See public comps and valuation multiples for Drug Development & Therapeutics and Vaccines & Immunotherapies comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Julphar XXX XXX XXX XXX XXX XXX
Benevolent AI XXX XXX XXX XXX XXX XXX
Galapagos XXX XXX XXX XXX XXX XXX
Pharming XXX XXX XXX XXX XXX XXX
Vivoryon Therapeutics XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Ocugen M&A and Investment Activity

Ocugen acquired  XXX companies to date.

Last acquisition by Ocugen was  XXXXXXXX, XXXXX XXXXX XXXXXX . Ocugen acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Ocugen

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Ocugen

When was Ocugen founded? Ocugen was founded in 2000.
Where is Ocugen headquartered? Ocugen is headquartered in United States of America.
How many employees does Ocugen have? As of today, Ocugen has 95 employees.
Who is the CEO of Ocugen? Ocugen's CEO is Dr. Shankar Musunuri, M.B.A.,PhD.
Is Ocugen publicy listed? Yes, Ocugen is a public company listed on NAS.
What is the stock symbol of Ocugen? Ocugen trades under OCGN ticker.
When did Ocugen go public? Ocugen went public in 2014.
Who are competitors of Ocugen? Similar companies to Ocugen include e.g. Julphar, Benevolent AI, Galapagos, Pharming.
What is the current market cap of Ocugen? Ocugen's current market cap is $246M
What is the current revenue of Ocugen? Ocugen's last 12 months revenue is $3.4M.
What is the current revenue growth of Ocugen? Ocugen revenue growth (NTM/LTM) is -31%.
What is the current EV/Revenue multiple of Ocugen? Current revenue multiple of Ocugen is 70.2x.
Is Ocugen profitable? Yes, Ocugen is EBITDA-positive (as of the last 12 months).

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